Ann: Appointment of Chief Financial Officer, page-8

From above:
"Pet Circle is owned and founded by Mike Frizell and home-delivers pet food and accessories to pet owners, operating as a major industry disrupter."
Surely if there is a threat to market share, meet them head-on with exactly the same service provided and hit some discounts to attract customers over, a simple war of attrition to quash the pesky disrupter.
SP decline always seem to happen when Macq come on the books with their buying/selling market maker algo bot thing.